Planning a trip to Europe from the United States? One of the first things on your mind is likely how to obtain Euros once you’re stateside. While it might seem straightforward, knowing the most cost-effective and convenient methods to exchange your dollars for Euros can save you a significant amount of money and hassle. Many travelers make the mistake of waiting until the last minute or using overpriced services, but with a little planning, you can secure Euros at competitive rates before you even leave the US.
Before we dive into the best strategies, let’s quickly address what to avoid. Currency exchange kiosks at airports, hotels, and tourist hotspots are notorious for offering the worst exchange rates and often levy hefty fees. These options capitalize on travelers’ desperation and lack of planning. To ensure you get the most Euros for your dollars, it’s crucial to explore better alternatives in advance.
Utilizing Banks for Euro Exchange
Your local bank might seem like the most obvious place to acquire Euros, and indeed, many banks offer foreign currency exchange services. However, it’s essential to be aware that bank exchange rates can vary significantly and may not always be the most favorable.
The exchange rate itself plays a crucial role in determining the overall cost of your foreign currency purchase. Even if a bank advertises low or no fees, a less competitive exchange rate means you’ll receive fewer Euros for your dollars. Therefore, always compare the offered exchange rate to the mid-market exchange rate – the real exchange rate you see on Google or financial websites like XE.com. This comparison will reveal the true cost of the exchange.
Here are some major US banks and their foreign currency services:
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Wells Fargo¹: As a Wells Fargo customer, you have several options to order foreign currency, including online, in person at a branch, or by phone. Depending on your location and service availability, you can have Euros delivered to your home address within 2 to 7 business days. It’s advisable to check their current exchange rates and any associated fees before placing an order.
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Citi²: Citi account holders have access to a broad range of over 50 foreign currencies, including Euros, which can be ordered by phone. They offer next business day delivery to your address for a $5 service fee (waived for Citigold and Citi Priority Account Package customers). Delivery fees start at $10 but are waived if you choose to pick up your currency at a Citibank branch. Citi claims to offer “competitive currency exchange rates,” so it’s still wise to compare their rates to the mid-market rate.
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Bank of America³: Bank of America customers can conveniently purchase foreign currency online with no stated transaction fees. However, it’s important to remember that their profit is built into the exchange rate they offer. You can view the exchange rate before finalizing your purchase, ensuring transparency. Orders placed before 2 pm ET are typically shipped the same day. Delivery fees may apply for orders under $1,000, but you can avoid these by collecting your order at a Bank of America branch, if branch pickup is available in your area.
Currency Exchange Services: A Convenient but Potentially Costlier Route
Currency exchange services or travel money providers offer another avenue for obtaining Euros. These services often provide the convenience of online ordering with home delivery or in-person collection at their branches.
While convenient, similar to banks, these services may not always provide the most advantageous exchange rates. They can be a suitable option if you require Euros quickly and prioritize convenience over maximizing your dollar’s value.
Currency Exchange International (CXI) stands out as a prominent and widely used currency exchange service in the US. They boast a selection of over 90 currencies available for online ordering, including Euros. CXI also operates approximately 30 physical branches located in major US cities⁴, offering in-person exchange services.
Key features and considerations for CXI⁴:
- Best Rate Guarantee: CXI advertises a “Best Rate Guarantee,” stating they will match or even beat exchange rates offered by local banks or airports, under certain conditions. It’s important to understand the terms and conditions of this guarantee.
- Fast Online Delivery: Currency ordered online can be delivered to your residence as quickly as the next day, though this expedited service may not be available in all locations.
- Transparency Challenges: Exchange rates and fees are not readily displayed online. You’ll typically need to create an account or contact CXI directly to obtain this crucial information.
- Branch Rate Variation: Exchange rates may not be consistent across all CXI branch locations, so it’s worth checking the rate at your specific branch if you choose in-person exchange.
The Wise Multi-Currency Card: A Modern and Cost-Effective Alternative for Euro Spending
Beyond traditional banks and currency exchange services, a modern solution like the Wise Multi-Currency Card offers a compelling alternative for obtaining and spending Euros, particularly while traveling.
- Global Spending and Withdrawals: The Wise card enables you to spend and withdraw cash in over 175 countries, encompassing Europe and the Eurozone. This eliminates the need to exchange large sums of cash before your trip.
- Mid-Market Exchange Rate Advantage: When you spend or withdraw Euros using the Wise card, it automatically converts your US dollars to Euros at the mid-market exchange rate, the fairest exchange rate available.
- Low and Transparent Fees: Wise applies only a small and transparent conversion fee⁵. If you already hold Euros in your Wise account, the conversion is fee-free. This transparent fee structure contrasts with the often hidden markups in exchange rates used by banks and traditional exchange services.
- ATM Withdrawals: You can withdraw up to $100 USD equivalent in foreign currencies for free from international ATMs per month with the Wise card, making it convenient to access cash when needed while abroad.
The Wise Multi-Currency Card simplifies international spending. You can manage your currency conversions, avoid carrying large amounts of cash, and bypass unfavorable exchange rates. It’s a convenient and potentially cheaper way to handle your Euro transactions while traveling in Europe.
Order a Wise Multi-Currency Card today
Frequently Asked Questions About Getting Euros in the US
What is the most economical way to get Euros in the US?
To find the cheapest method, you should compare the exchange rates and any associated fees offered by your bank and currency exchange services like CXI. However, a travel-focused card such as the Wise Multi-Currency Card can often be a more cost-effective option due to its low fees and access to the fairer, margin-free mid-market exchange rate.
Can I purchase Euros at the US Post Office?
While the US Postal Service (USPS) provides international money transfer services, they do not sell foreign currency banknotes.
Is it possible to obtain Euros from US banks?
Yes, many US banks offer Euro exchange services. Some banks even provide home delivery of foreign currency, usually for an additional fee.
Should I exchange money to Euros before traveling to Europe?
Unless you plan to use a multi-currency card like the Wise Multi-Currency Card for the majority of your spending, it is generally advisable to exchange some money into Euros before traveling to Europe. Exchanging currency at airports and hotels in Europe is typically much more expensive due to poor exchange rates and high fees. Planning ahead and securing Euros in the US through banks, exchange services, or a Wise card can save you money in the long run.
Sources used for this article:
Sources checked on 18-Jan-2023.
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